Cyclades Interconnection Phase A : Lavrio (Mainland) - Syros
18 September 2014
Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
On 18 September 2014 the European Investment Bank signed with IPTO the first tranche of a EUR 130 million long-term loan to finance the Cyclades Interconnection Phase A, the 150 kV AC submarine cable grid that connects the main Cycladic islands (Syros, Tinos, Mykonos and Paros) to the Greek mainland transmission system at Lavrio. The first tranche amounted to EUR 65 million, with a matching second tranche of EUR 65 million signed on 3 November 2015. The EIB facility together with EU Structural Funds (NSRF 2007–2013 and 2014–2020) underwrote roughly half of the project's approximately EUR 263 million total cost. The signing of the first tranche represents the financial close for Cyclades Phase A, releasing capital to support the procurement and construction phase that delivered the Lavrio–Syros submarine link and the supporting GIS substations.